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Renewables Surge: 582 GW Capacity Saves $57 Billion

7/25/2025

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Summary

Story summary

In 2024, the International Renewable Energy Agency (IRENA) revealed a groundbreaking shift in energy economics, with renewables adding 582 gigawatts of capacity and saving $57 billion in fossil fuel costs. Onshore wind and solar power emerged as champions, being 53% and 41% cheaper than fossil fuels, respectively, as over 91% of new renewable projects outperformed their fossil counterparts.

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Story summary

In 2024, the International Renewable Energy Agency (IRENA) revealed a groundbreaking shift in energy economics, with renewables adding 582 gigawatts of capacity and saving $57 billion in fossil fuel costs. Onshore wind and solar power emerged as champions, being 53% and 41% cheaper than fossil fuels, respectively, as over 91% of new renewable projects outperformed their fossil counterparts.